Bitcoin, Cryptocurrency, Finance & Global News – March 29th 2020
Cryptocurrency news for today March 29
The expert explained why bitcoin is not a defensive asset
Trading platforms disappoint their customers
Stablecoin capitalization continues to grow
The investment service Robinhood incurred the wrath of users who were dissatisfied with dishonest compensation for damage. Binance customers are also outraged over the platform’s announced delisting of leveraged tokens. Meanwhile, Thether’s market capitalization has surpassed the $ 6 billion mark, and Bitcoin’s status as a defensive asset is once again in doubt..
Read about the situation in the cryptocurrency market, as well as about the key events that have occurred in the cryptocurrency industry over the past day, in our daily digest..
Tether surreptitiously crossed the $ 6 billion round mark
According to the latest statistics available on the official Tether website, the total amount of assets denominated in USD ₮ has passed the round mark of $ 6 billion to $ 6,141,809,416.36. Taking into account the surplus of assets in the amount of about $ 127 million, the total amount of the project’s liabilities is $ 6,014,443,887.36. More details
Bitcoin scammers use fake QR codes to steal money
It looks like Internet scammers have found a new way to steal bitcoins. This time, hackers created several free QR code generators at once, which stole $ 45,000 worth of cryptocurrency. The criminals created nine sites at once, which offered users to generate a QR code for free to send funds. As you know, today this technology has gained popularity in society. Now users do not need to enter the full address of the bitcoin wallet to transfer coins. It is enough to read the encrypted QR code using the phone camera. More details
Bitcoin as a defensive asset is a myth
Larry Cermak, an American researcher at The Block, studied the cryptocurrency market during the crisis and came to the conclusion that Bitcoin has never been a defensive asset and is unlikely to become..
It is more volatile than the S index&P 500, and he is definitely far from gold. In particular, Chermak refuted the opinions of other experts who called bitcoin a protective asset and a “safe haven”, giving examples of the negative correlation of bitcoin with gold. According to the researcher, in 2018-2019, Bitcoin really did not show much dependence on other investment assets such as stocks, gold, the S index.&P 500. However, during the crisis, the cryptocurrency became too volatile. As the S index decreases&P 500, bitcoin price also fell. More details
Binance found credit tokens too complicated and decided to get rid of them
Cryptocurrency exchange Binance has announced the delisting of all FTX credit tokens and all trading pairs that involve them. Clients need to have time to withdraw money before March 31, 2020. One of the world’s largest cryptocurrency asset trading platforms announced that it no longer supports FTX credit tokens.
BULL, BEAR, ETHBULL, ETHBEAR, EOSBULL, EOSBEAR, BNBBULL, BNBBEAR, XRPBULL, XRPBEAR, as well as all trading pairs with these coins are subject to delisting. The official statement says that trading will be stopped on March 31 at 13:00 Moscow time, replenishment and withdrawal of funds will be disabled even earlier, at 11:00 Moscow time. More details
Robinhood accused of dishonest reimbursement of lost funds
The California company offers to refund the funds, but only under one condition that will obscure the shortcomings of the service. Californian fintech platform Robinhood offers its clients to recover the losses they have suffered as a result of repeated platform failures throughout the month. According to Bloomberg, the company is trying to “buy” users’ waiver of lawsuits. If earlier the amount of compensation for losses was $ 15, now the company is offering $ 75.
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